Understanding the Ins and Outs of Property Management
Many income property owners like to go it alone and manage their investment properties themselves. Others choose to outsource the innumerable and frequently burdensome management issues related to the ownership of income producing property. For some income property investors, the decision to use an outside management firm is often driven by the economics of a particular piece of property or portfolio of properties. The remainder of this article is dedicated to helping real estate investors get better information about the role of property managers so they can decide whether or not they should seek outside help with the management of their property holdings.
Management Company Responsibilities
The real estate property manager acts as an agent for the actual owner of a building who does not wish to be involved with managing a building. The management company deals with realtors, tenants, maintenance providers and generally handles all aspects of running the business of leasing out for money a residential or a commercial building. These functions include the marketing of vacant space, the negotiating and execution of lease agreements, the collection of rent payments and the function of assisting accounting and legal professionals with their duties which often includes the filing of financial reports and legal claims.
The upkeep and maintenance of a commercial building and its grounds is still another responsibility of the management company. Such upkeep will likely include making sure occupied units have adequate heating, ventilation, air-conditioning, plumbing systems, electrical systems, gas and other utility services. Other functions managers might be responsible for would include swimming pool maintenance, trash removal, security, parking lot maintenance and the enforcement of parking rules. In addition, property managers are also expected to keep up with the maintenance and security of the common areas made available and used by all of the building’s tenants.
Landscaping and Lawn Maintenance
Common areas under the responsibility of rental property managers often include campus lawns, yards, gardens, sidewalks and sometimes easements. All of these demand regular attention. The nature of grounds maintenance is that one can be sure that grass will continue to grow; therefore, lawn care is a function that requires scheduled maintenance and a budget if the property manager is to fulfill their duties and obligations.
Real estate investors rely upon property management firms to assume responsibility of a host of things that go into managing the day-to-day operations and functions of a smoothly-running commercial property. With the help of property managers, investors can fully concentrate on their core business goals and objectives. By outsourcing the management headaches of their commercial properties, owners can truly enjoy the benefits of what they originally desired, a passive income investment vehicle.
Informational credit goes to the professionals at Pro Law Inc. who specialize in commercial lawn maintenance in St. Louis, MO.